One of the first policies your insurance professional is going to suggest when you discuss business liability insurance in NM is a general liability policy. Depending on your specific industry, the location of your business and your operating procedures, however, you may need additional coverage to be fully protected. Here are some factors that affect how well your general liability policy actually covers potential concerns.
Insurance agents are likely to look at your overall operations first. If you have great potential risk in a particular area, they may suggest additional coverage to make sure you are protected. For example, if you manufacture a product that may cause injury to the user if it malfunctions, your general liability policy may not suffice. In this case, you may want to look into bodily injury coverage or an umbrella policy.
Business liability insurance in NM may cover many aspects of legal fees and settlements, but does it cover new acquisitions that you add after the policy is in place? Your business contracts may also leave you vulnerable to litigation, so it is a good idea to have a professional review them to expose any areas where you are not covered. External factors such as pollution can affect certain businesses more than others. Having an agent who specializes not only in the individual policies but also in your particular industry can help you make sure that your business owner’s package leaves you fully insured.